The average person spends around $6,000 per year on impulse purchases. They see something; they like it, they buy it.
How Do You Know If You Should Buy Something (And Avoid Impulse Spending)?
But, unfortunately, that’s just the average figure. Some people never make impulse purchases, which means that there are a heck of a lot of people out there spending way more than $6,000 on stuff that they don’t need.
It’s not a question that gets asked very often, but how do you know if you should buy something? And how do you know if you should leave it?
The problem with buying stuff at random is that it can get in the way of you achieving the thing that you want to accomplish in life, and it can put you in debt. Ideally, you’d never spend frivolously at all, allowing you to maximize the usefulness of your money for the stuff you really want out of life.
Take a look at these ideas for how to decide if a purchase is necessary.
Does The Purchase Fit Your Lifestyle?
You may have dreams of being a rockstar, but it’s unlikely you’ll ever get there and buying a guitar won’t help. Guitars are expensive, they take a long time to learn, and even longer to master. And even if you do buy one, there are all of the additional costs of things like lessons.
It’s much better to spend money on things you KNOW fit in with your lifestyle already instead of buying the stuff you think might fit into your life. For instance, instead of buying a cheaper smartphone plan with limited data and racking up additional fees every month, it’s a good idea to go to a site like https://smarty.co.uk/unlimited-sim and choose an unlimited plan. That way, no matter how many sites you visit or calls you make, you’ve capped your spending. In other words, you’re spending more to save more.
What Will You Need To Give Up To Make The Purchase?
You might want to buy a shiny new car, but it’s good practice to think about all of the things that you’ll need to give up if you go ahead and make the purchase. Having a great car feels good, but you may have to cut back on things that make life fun and exciting, like travel. Sure, spending several hundred dollars on a car lease might sound affordable, but it could eat into your budget for other things.
The question you have to ask yourself is whether it’s worth giving up certain things to get other things that you want. If it isn’t, then you should avoid the purchase.
Do You NEED The Thing You Want To Buy?
Sometimes you need something just once and then never again. Tools are a good example. You might have an annoying bit of plumbing that requires a special tool to put right. But after you’ve put it right, you probably won’t ever need the device again. Think about whether you could borrow the things that you need from a neighbor or friend before buying it outright.